Business a.m
The Nigerian Exchange (NGX) closed the trading session with mixed results, with the benchmark All-Share Index settling at 102,106.31 points.
Despite gains in some stocks, including BUA Foods, FCMB, and Sterling Bank, selling pressure from major banks such as Zenith Bank, Guaranty Trust Holding Company, and United Bank for Africa led the market to close in the red. Zenith Bank and Guaranty Trust Holding Company declined by 1.87 per cent and 1.75 per cent, respectively, while United Bank for Africa shed 1.95 per cent. In contrast, BUA Foods rose 3.82 per cent, FCMB added 1.06 per cent, and Sterling Bank advanced 0.68 per cent. Overall, the market ended the day with a negative bias.
Further breakdown of the day’s market activity revealed a lower level of trading than the previous session, with the value of transactions falling by 15.68 per cent. A total of 341.92 billion shares worth N6.41 billion were traded in 9,665 deals.
Transcorp led the volume chart with 39.90 million shares traded, while Guaranty Trust Holding Company led the value chart with deals worth N1.02 billion.
The market breadth closed negative, with declining stocks outpacing advancing ones at a ratio of 2.06 to 1. AIICO, which shed 9.92 per cent, topped the list of 34 laggards, while Meyer, which gained 10%, led the list of 16 leaders.
